Point of Banking provides the opportunity for retail merchants to accept bankcards without having to pay the increasingly expensive processing fees associated with having a standard credit card terminal.

The processing for approved transactions is paid for by the cardholder through a small convenience fee that is added to the transaction amount being charged to the customer's card. Most customers will not complain about paying the fee if merchants choose to keep their convenience fee reasonably priced.

These terminals run PIN based transactions (cardholder must use their PIN number) for any whole dollar amounts in increments of $5 (example: $15, $20, $25, $30, etc) up to a $300 maximum. The merchant runs transactions for the customer so they can control the amount of cash back.

If the cash drawer is running low on cash, you can run minimal amounts so change is only being made for $5. This makes the customer's use of the terminal similar to a small cash transaction. If there is too much cash in the register from cash payments, merchants can offer their customers larger cash back amounts which moves funds from the register to the merchant's bank account.

The merchant runs transactions just above the dollar amount of the customer's purchase and simply makes change. The merchant can also run higher amounts if they want to provide the customer with the convenience of getting cash back with their purchase, an option many customers would appreciate since most people like to keep a little cash on hand.

Merchants have 2 options concerning how Point of Banking terminals are used in their retail business. They can be used as Customer Activated terminals where cardholders run their own transactions before checking out, which helps speed up check out times. When the terminals are used this way, the customer gets a 2 part receipt to give to the cashier when making their purchase. One part belongs to the merchant and the other belongs to the cardholder.

Another option for merchants is to have the machine right at the cash register where they run the transaction for the cardholder, and the card holder puts in the PIN number using an external PIN Pad. This setup would be Merchant Activated by the cashier at the point of sale. In each case, the merchant can have the customer sign the receipt just like they would if the merchant was using a credit card machine. Having the customer sign the receipt is not required, but is recommended. Both options provide a copy of the receipt for the cardholder to keep.

The primary benefit that Point of Banking provides to merchants is theopportunity to accept bankcards without having to pay expensiveprocessing fees or be defrauded by customer chargebacks andreversals. This can save merchants thousands of dollars annually!

Using the Point of Banking terminal is very simple, and easy. Just swipe the card and follow the instructions on the screen. The user will choose withdrawal in the first screen, and have a choice of taking money from Checking, Savings, or Credit in the second screen.

In the third screen the machine notifies the user of the amount of the convenience fee that will be added to the amount they choose once they get to the fourth screen, where they will be able to select $5, $10, $15, or "Other" where they can put in any amount in increments of five up to a maximum pre-determined by the merchant.

Once the dollar amount has been selected, the merchant prompts the customer to use their PIN number and the merchant hits enter on the terminal to complete the transaction. Approval takes just a few seconds, which prompts the terminal to print the two part receipt.

Funds from transactions run on the Point of Banking terminal are electronically deposited into the merchants account in about three business days (not counting Sat, Sun, or holidays). Funds are handled by the Federal Reserve Banking system that banks use. Merchants are provided with statements each month, as well as toll-free tech support should they have any questions or need assistance with their terminal.

Contact us today to empower your business with Point of BankingStart accepting bankcards without paying expensive processing fees...